#185
#186
Re: MAGYAR TELECOM 9,50% vto. 15/12/16 call 15/12/12 a 109.50% ISIN: XS0473176658
Magyar Telecom BV Luna ArenA Luna ArenA Herikerbergweg 238 Herikerbergweg 238 1101 CM Amsterdam-Zuidost CM 1101 Amsterdam-Zuidost The Netherlands Los Países Bajos MAGYAR TELECOM BV ANNOUNCES STRATEGIC REVIEW Magyar Telecom BV ANUNCIA REVISIÓN ESTRATÉGICA LONDON – 11 February 2013 – Magyar Telecom BV (the “ Company ”), and its LONDRES - 11 Febrero 2013 - Magyar Telecom BV (la "Compañía"), y su subsidiaries (together the “ Group ”), a leading telecommunications and internet services provider, subsidiarias (en conjunto el "Grupo"), un líder de telecomunicaciones y proveedor de servicios de Internet, announced today that it is undertaking a strategic review of the Group's capital structure in light of anunció hoy que está llevando a cabo una revisión estratégica de la estructura de capital del Grupo, a la luz de new tax legislation and the weak Hungarian macroeconomic environment. nueva legislación fiscal y el débil entorno macroeconómico húngaro. To assist in this process Para ayudar en este proceso the Company has retained Houlihan Lokey (Europe) Limited (“ Houlihan Lokey ”) as financial la Compañía ha contratado Houlihan Lokey (Europe) Limited ("Houlihan Lokey") como financiero advisor and White & Case LLP as legal advisor. asesor y White & Case LLP como asesor legal. The review will be focused on the Group's balance La revisión se centró en el balance del Grupo sheet and is not intended to impact the Group's employees, partners, suppliers or trade creditors. hoja y no tiene la intención de impactar los empleados del Grupo, socios, proveedores o acreedores comerciales. Enquiries related to this review should be addressed to Houlihan Lokey using the contact details Las consultas relacionadas con esta revisión deben ser dirigidas a Houlihan Lokey utilizando los datos de contacto provided below. proporcionado a continuación. As part of the capital structure review, the Company is launching a noteholder identification Como parte de la revisión de la estructura de capital, la compañía está lanzando una identificación Bonista process in order to obtain input from noteholders. procesar con el fin de obtener información de los tenedores de pagarés. The information gathered through this exercise, La información recopilada a través de este ejercicio, subject to applicable laws and regulations, will be treated in the strictest confidence and kept within sujeta a las leyes y reglamentos aplicables, serán tratados con la máxima confidencialidad y se mantiene dentro de the Group, its subsidiaries and its professional advisers, and will be used by members of the Group el Grupo, sus filiales y sus asesores profesionales, y serán utilizados por los miembros del Grupo only to contact noteholders. sólo en contacto con tenedores de bonos. A press release with details of the noteholder identification process will follow shortly and Un comunicado de prensa con los detalles del proceso de identificación Bonista seguirá en breve y will be distributed also through the relevant clearing systems to be forwarded to all the noteholders. Se distribuirán también a través de los sistemas de compensación pertinentes que se envió a todos los tenedores de bonos. Any questions from noteholders can be directed to DF King Worldwide (the “ Identification Agent ”) Las preguntas de los tenedores de bonos pueden dirigirse a DF King Worldwide (el "Agente de Identificación") to the details below. para los detalles a continuación. Houlihan Lokey Contact Details: Houlihan Lokey Datos de contacto: Chris Foley Chris Foley +44 20 7747 2717 +44 20 7747 2717 [email protected] [email protected] DF King Worldwide Contact Details: DF King Worldwide Datos de contacto: Katerina Papamichael Katerina Papamichael +44 20 7920 6910 +44 20 7920 6910 [email protected] [email protected] Damian Watkin Damian Watkin +44 20 7920 6904 +44 20 7920 6904 [email protected] [email protected]
#187
Re: MAGYAR TELECOM 9,50% vto. 15/12/16 call 15/12/12 a 109.50% ISIN: XS0473176658
Parece que quieren saber con exactitud a quién le deben los 350 M€ de la emisión para negociar recompra, mayor vencimiento.
En cualquier caso,según S&P la posición de los bonistas está "bien asegurada". Que Mid Europa Partners ponga pasta sería la mejor opción para nosotros.
De la recalificación de S&P:
We currently don't factor in liquidity support from Magyar Telecom's owner, private equity company Mid Europa Partners (not rated).
We see the group as significantly exposed to exchange rate volatility over the long term, given the currency mismatch between its EBITDA and debt. We understand from Magyar Telecom's management that the group has hedged the foreign exchange risk on the coupon of its senior secured notes with standard forward contracts until June 30, 2013.
The group faces no significant debt maturities until 2016 and does not have to comply with maintenance covenants. However, the documentation of its senior secured notes contains an incurrence covenant that limits the issuance of new debt by Magyar Telecom to 3.5x total debt to EBITDA.
Recovery analysis
Magyar Telecom's EUR350 million (EUR326 million outstanding on Sept. 30, 2012) 9.5% senior secured notes due 2016 are rated 'CCC', the same as the corporate credit rating.
At present, we consider the senior secured notes well secured because they benefit from first-priority liens over bank accounts, receivables, and intercompany loans, floating charges over the assets of the group's domestic operations, as well as pledges over the entire share capital of the group's domestic operations. In addition, we estimate that prior ranking liabilities would not represent more than 15% of total adjusted assets.
#188
Re: MAGYAR TELECOM 9,50% vto. 15/12/16 call 15/12/12 a 109.50% ISIN: XS0473176658
si lucas25 gracias como ves lo hemos puesto a la vez a mi el comunicado me parece estraño que quieren tener informacion de los bonistas ...para que ? a mmi todos estos comunicados me huelen mal siempre haber si nos lo aclaran en breve saludos
#189
Re: MAGYAR TELECOM 9,50% vto. 15/12/16 call 15/12/12 a 109.50% ISIN: XS0473176658
EL pasado 4 de febrero dieron la noticia de una refinanciación en otra participada. En este caso, Bité, hay clara mejora de la cifra de negocios y del balance.
Latest Press Releases
Mid Europa Announces the Refinancing of Bitė with €200m Senior Secured FRNs
04 February 2013
Bitė ("Bitė" or the "Company"), a company controlled by funds managed or advised by Mid Europa Partners ("Mid Europa"), announced that it has successfully raised €200 million of senior secured floating rate notes paying a margin of 7.5%. Proceeds from the offering will be used to refinance Bitė's existing indebtedness. Bitė is a leading mobile operator in Lithuania and Latvia.
The transaction represents the first high yield-bond in the Baltics since the issuance of the first-ever floating rate notes for a Baltic issuer in connection with Mid Europa's acquisition of Bitė in 2007.
Michelle Capiod, Partner of Mid Europa who is responsible for the investment, commented: "This financing on very attractive terms demonstrates the return of broad institutional investor confidence in the Baltic region, and Bitė in particular. The Company has delivered impressive financial performance since the severe impact of the economic crisis in 2008, despite the continuing adverse effect of EU-wide telecommunications regulations reducing mobile termination rates and roaming charges. Bitė has reduced its leverage from 6.2x at the end of 2009 to 3.6x as of September 2012 driven by a combination of solid EBITDA growth and strong cash flow generation."
Deutsche Bank acted as global coordinator and Credit Suisse acted as joint bookrunner on the transaction. DNB Markets and Swedbank acted as co-managers and Swedbank provided a revolving credit facility of €20 million. Michelle Capiod, Ratko Jovic and Krzysztof Jedrzejek executed the transaction at Mid Europa.
#190
Re: MAGYAR TELECOM 9,50% vto. 15/12/16 call 15/12/12 a 109.50% ISIN: XS0473176658
ok mackorr estais de un rapido ...lo primero gracias parece entonces que no es grave la cosa y por lo que pones es que quieren cambiarlas por otras a mas vencimiento ...habra que ver que nos dan porque por lo que entiendo no pueden sacar mas deuda sin nuestra aprobacion, y claro que pusieran mas dinero en magyar nos tranquilizaria a todos
#191
Re: MAGYAR TELECOM 9,50% vto. 15/12/16 call 15/12/12 a 109.50% ISIN: XS0473176658
Rapidillo por la incertidumbrem, que genera nervios.
No hay de qué, estamos en el mismo barco..de papel.
A bote pronto he visto que MID EUROPA ha vendido hace nada una teleco austriaca a Hutchinson Whampoa por 1.300 M€ y una compañía polaca de medicina por más de 400M€ a BUPA (gigante británico de servicios sanitarios). Mal no les va...Que nos recompren a 80!
En efecto, no pueden sacar más deuda, salvo con nuestra aprobación (vamos, la de los grandes bonistas)
#192
Re: MAGYAR TELECOM 9,50% vto. 15/12/16 call 15/12/12 a 109.50% ISIN: XS0473176658
si es una ventaja el tenerles atados con lo de no poder sacar mas deuda y si si que nos ofrezcan un buen canje que a lo mejor se las damos para que puedan ampliar la emision